Aims and objectives of business

Question 1

Example of business aims.

Answer 1

• Continue operating/survival
• Make or increase profit
• Increase market share
• Satisfaction
• Grow or expand operations
• Provide a quality service
• Operate within budget
• Have well-trained staff
• Establish corporate social responsibility
• To be ethical/environmentally friendly

Question 2

Explain the meaning of satisfying as a business aim.

Answer 2

Satisfying - aiming for a satisfactory or adequate result, rather than an optimal solution such as maximising profits.

Question 3

Explain the meaning of corporate social responsibility.

Answer 3

Corporate social responsibility – where an organisation integrates social and environmental concerns into its business operations.